We investigate the association between corporate international diversification and the accuracy and bias of consensus analysts' earnings forecasts. We find that greater corporate international diversification is associated with less accurate and more optimistic forecasts. Our results suggest...

This paper examines the role of earnings quality in the future performance of firms that marginally miss or beat analysts' forecasts. We focus primarily on two groups of firms: those that miss their forecast but appear not to have attempted to exceed it by managing earnings, and those that...

One year after Coronovirus and three years later after initially suggesting them, we revisit the performance of balanced portfolios of leveraged ETFs that we initially suggested in the 2017 paper. Leveraged ETFs provide a convenient mechanism to dynamically change portfolio exposure and can be...

Contrary to the widely held misconception that alternative mutual funds use derivatives to take on significant risk in the search for outsized returns, the empirical evidence suggests that these funds do not subject investors to undue risk, and have important diversification benefits that can...

This paper provides a risk framework for fiduciaries considering using a core-satellite approach to investing. While the article mainly covers the additional risk measurement techniques, which are needed when investing in hedge funds, its recommendations are also relevant for other investments...

Active management plays a critical, positive role in the efficiency of capital markets. In the first study of its kind to use data on institutionally-focused products, we find that, while a large percentage of active equity managers earn enough alpha on average to cover their costs, less than 2%...

This study examines whether the standard compensation contract in the hedge fund industry aligns managers' incentives with investors' interests. I show empirically that managers' compensation increases when fund assets grow, even when diseconomies of scale in fund performance exist. Thus,...

This research note summarizes intriguing evidence on the impact of an asset manager's overall investment operations on individual portfolio performance. Our exploratory analysis of operational data associated with 61 institutional portfolios across 14 managers (over the period October 1999 to...

Money is not everything in life but money is the most important need of everyone's life. This paper describes the value of money which changed over a period of time. It also explain the important factor i.e. interest, due to which the value of money changes. This paper also discussed the...

Mutual fund plays a crucial role in the Indian economy. Mutual funds are considered to be the vehicle for mobilization and channelization of savings from individual investors to towards the various capital market instruments. Evaluation of the performance of mutual funds particularly is of a...